Friday 1 April 2016 12:01 pm

EU referendum: City of London draws up plans for independence in the event of Brexit

The City of London Corporation is drawing up plans to declare the financial district an independent city-state in the event of Britain voting to leave the European Union.

City A.M. understands that meetings have taken place in the crypt of the Guildhall – the ancient seat of City power – to examine the legal status of such a move, should Brits vote to leave the EU in June’s referendum. A source present at the meetings, which have taken place under a veil of secrecy, said a small working group of constitutional and legal experts are advising the Corporation on the best strategy to secure legal recognition of any new post-Brexit status.

“The meetings are top secret,” said the source, adding: “If anyone asks what we’re doing, we say we’re a group formed in support of Jeremy Corbyn. This invariably puts them off.”

It is understood that architects of the plan are studying several models for independence, including that of Vatican City and the Donetsk People’s Republic in Ukraine.

Speaking on condition of anonymity, one City big-wig said: “The main sticking point right now is over who would get to be President of the new state.”

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